How can you use trend analysis to identify the most profitable products in your market?

The cannabis industry is still really new. It has been an underground industry for decades so the only focus was to increase potency. Over the past decade we have seen an explosion of new product such as different kinds of concentrate, edible etc. As well there are many levels of quality. The top tip I can give is to go to as many product showcasing events as possible. Talking to the end consumer and getting their feedback in person is very valuable. For example there is a retirement community in my city. We noticed that the top selling product was a particular edible brand. When talking to the seniors, they told me that they prefer that product because it is the softest edible and the packaging is easiest to open.

Case studies are the best way to analyze the market trend if you don’t have data or you are on a very initial level of business, else I usually do trend analysis, As trend analysis is looking at a product's performance over time, such as months or years. To find the most profitable products in your market, you track the sales and profit trends of each product. If you see a product that consistently brings in more money over time, it's likely a winner. You can also compare products to see which ones are growing in profitability the fastest. By doing this, you can identify the most profitable products and focus your efforts on them to boost your business.

Trend analysis is essential in order for you to find the current interest or demand in the market. The changes that should be under the microscope not the volume at that moment of time. We should see the rise or the increment of subject A which which might not be the highest selling at the current moment. Age demographic is an important ingredient in order to harbor success via trend and analysis.

To use trend analysis to identify the most profitable products in your market, follow these steps: 1. Data Collection: Gather historical sales data, market research, and any relevant information about your products and competitors. 2. Define the Time Period: Decide on the time frame for your analysis. It could be monthly, quarterly, or annually, depending on your business and industry. 3. Select Key Metrics: Identify the key performance metrics you want to analyze, such as sales revenue, profit margins, or market share. 4. Use Software Tools: Utilize spreadsheet software or data analysis tools to input and process the data. You may also consider using specialized business intelligence tools for more complex analysis.

The collection and analysis of customer feedback is crucial in gaining insights into product trends within the market. When customers provide suggestions for product improvements, it is essential to carefully analyze and consider how these changes can enhance our offering. Evaluating and identifying market trends is necessary to ensure profitability and foster potential growth. Additionally, analyzing marketing and advertising strategies is vital in effectively reaching our target audience and maximizing profitability. While competition exists in the market, our focus should be on strategic efforts to establish market dominance.

"The first step in trend analysis is to collect relevant and reliable data for your products and market." And that begins with a "single version of truth" for Item Data - an accurate U.P.C., valid GS1 Manufacturer, accurate Brand Line, etc. Sadly, Sales Data gathered by the "usual suspects" lacks valid Barcodes and Item Descriptions. Thus, things that are important - Brand, Flavor, Size, Endorsements, Nutrition, etc. - are missed, which leads to "questionable" results.

"analyze the data you have collected and look for patterns, changes, and opportunities" Basic Sales Analysis consists of X number of Units sold in Y number of Days for Z number of Dollars. Enhanced Analytics is far more "granular". If a Retailer, or Brand, etc. adds "full blown" Data - Nutrition, Ingredients, Allergens, etc. - then "enhanced" results can be achieved. For example, given the above, I could conclude that Brand A outsold Brand B, because Brand A had no MSG. Or that Brand C outsold Brand D, because Brand C had forty percent less Sodium. Or that a particular Customer purchased Gluten Free Products, which might suggest they have Celiac Disease, and should result in said Retailer stocking more Gluten Free Items.

One trend to capture is the price sensitivity and demand curve of the product in question. In one of my most recent projects, we identified new markets for the conferences and seminars for a non-profit. We identified a burgeoning international presence and appetite to grow their market share as well as revenue through the use of charts and graphs built through PowerBI and Alteryx.

To conduct trend analysis, a systematic approach is required to gather and interpret data in order to detect patterns and trends. This involves sourcing data from various channels such as historical sales, customer feedback, and marketing research. By analyzing this data, we can gain insights into sales trends, customer behavior, and product performance. It is important to present these findings in a clear and concise manner.

Assess the cost of production and marketing for each product, factoring in sales trends. Make strategic decisions about which products to invest in, optimize pricing, marketing strategies, and inventory management based on trend analysis. Analyze how price changes affect demand for your products. Gather data on product sales, pricing, customer reviews, and market trends. Use statistical methods to analyze sales data over time to identify trends, seasonality, and growth patterns. Consider customer reviews and feedback to assess product satisfaction and potential areas for improvement.